DuringDecember 2020, Jojo sold her family cottage to a local resident on the her beach.The ACB of the cottage was $322,000 and the selling price was $ 722,000.She paid $20,000 in selling costs upon the close of transaction. Jojo received $142,000 in 2020 and will receive the remainder of the selling proceeds on July 1, 2021. Required:Assuming that Jojo deducts the maximum capital gains reserve, calculate her taxable capital gain for 2020 taxation year.(show calculations/formula but do not explain)